A. The articles of incorporation of a stock insurer may be amended in accordance with the general statutes of New Mexico applying to corporations formed for profit. A copy of the amendment, certified by the secretary of state, shall be filed with the superintendent, and a copy likewise certified shall be recorded in the county clerk's office of the county of the corporation's principal place of business. No amendment shall reduce authorized capital below the amount of paid-in capital stock required under Section 59A-5-16 NMSA 1978 for the certificate of authority covering the kinds of insurance immediately thereafter to be transacted by the insurer.
B. The articles of incorporation of a mutual insurer may be amended by the affirmative vote of two-thirds of its members present in person or by proxy at a regular or special meeting of its members of which notice in writing of the proposed amendment was mailed to all members at least thirty days in advance, unless notice shall otherwise be provided for as approved by the superintendent. A certificate of the amendment, signed and acknowledged by the president and attested by the secretary of the corporation, shall be filed and recorded as required of original articles of incorporation.
History: Laws 1984, ch. 127, § 552; 2013, ch. 75, § 21.
The 2013 amendment, effective July 1, 2013, required the secretary of state to certify amendments of articles of incorporation of stock insurers; and in Subsection A, in the second sentence after "certified by the", deleted "corporation commission" and added "secretary of state", and in the third sentence, after "Section", deleted "83 of the Insurance Code" and added "59A-5-16 NMSA 1978".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 104.
44 C.J.S. Insurance § 117.
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